Business

Market movers

DirecTV drops bid for Brazil Internet firm

One UBS analyst said buying GVT would raise DirecTV’s debt level.

Damian Dovarganes/AP/2007

One UBS analyst said buying GVT would raise DirecTV’s debt level.

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Shares of satellite broadcaster DirecTV rose after the company said it has dropped out of the bidding for Vivendi GVT, a Brazilian phone and Internet company. French conglomerate Vivendi SA had hoped to sell the unit for at least $9 billion, according to reports. Like other satellite companies, DirecTV is hamstrung by its inability to offer fast, cheap broadband service over cable or phone lines.

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